Online Fraud Report released by CyberSource, it was estimated that the total loss due to online fraud was $3.5 billion in 2012, an increase of $800 million over the 2010 results.
The mission of Vault-X is to Provide Protection as a service where trust is absent in a transaction.
Vault-X is not just a decentralized escrow service, it can empower many businesses that require escrow services.
We built this decentralized escrow protocol because we want to fill the void of lack of trust which is the major issue in crypto payment segment, hampering its mass adoption.
How it works
- 1.Agreement between Buyer and Seller: A contract is created by the buyer or the seller. The other party agrees to the terms in the contract, post which the contract gets created between the two parties.
- 2.Payment to Vault-X Escrow by Buyer: Buyer funds the multi-sig wallet and payment details will be accessible as point of reference and assurance for the other party.
- 3.Delivery of goods/services: Seller delivers goods or services to the buyer and notifies the buyer of this transaction.
- 4.Approval of delivered goods/services: Buyer approves the goods or services that he received from the seller.
- 5.Release of funds to Seller: Vault-X Escrow releases payment to the seller, indicating the completion of contract, after which the both parties can submit their feedback for each other
- 6.Disagreements and Disputes: If at any point, there arises a disagreement between the buyer and the seller, our dispute protocol will be used to mediate and decide who should receive the funds.
The possibilities that decentralized escrow services can diverge into are endless. Some of them are as follows:
- P2P Lending platform
- B2B marketplace
- A crowdfunding platform
- An eCommerce platform
- Bounties platform